The acquisition carried for total up-front consideration of $90,298, includes three wells of which two are on production.
A third well has been drilled, fracture stimulated and is in final stages of completion.
The company has named this project under the name ClearWater.
The three wells drilled to date are the Sage No. 1, the Hamlin 26 No. 1 and the Hamlin 26 No.2.
The Sage No. 1 and The Hamlin 26 No. 2 have been completed and are producing about 150 BO and 800 MCF per day combined (gross).
The Hamlin 26 No. 1 has been drilled, fracture stimulated and is in final completion stages.
Victory Energy COO Kenny Hill said the ClearWater project represents the company’s first investment in a resource play, and fits in nicely with the strategy of geologic diversification
In addition, the project also offers Victory Energy a multi-well drilling plan.
